So how did a dragon emerge to shake Tesla's throne?
China's Electric Lions:
BYD: BYD, in which even Warren Buffett invested, has become the world's largest electric vehicle manufacturer. With a wide range of products, BYD produces not only cars but also buses and trucks.
Nio: Nio, also known as the "Tesla of China", is making an appearance in the luxury electric vehicle market. Drawing attention with its models that will rival Tesla, Nio is preparing to expand into the European and American markets.
Xpeng: Xpeng, which has achieved great success with its G3 model, which rivals Tesla Model 3, is also making a name for itself with its autonomous driving technology.
Advantages of China:
Government Support: The Chinese government offers various incentives and subsidies to encourage the electric vehicle market. This gives Chinese manufacturers a significant advantage.
Strong Manufacturing Infrastructure: China has a strong manufacturing infrastructure and an extensive supply chain. This helps to reduce production costs.
Size of the Domestic Market: China has the largest automobile market in the world. This gives Chinese manufacturers a large domestic market.
Tesla's Nightmare:
Tesla was once the undisputed leader in the electric vehicle market. But the rise of Chinese manufacturers has significantly reduced Tesla's market share. Even Tesla's CEO Elon Musk has been forced to acknowledge China's dominance in the electric vehicle market.
